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on, pressure on the price of oil, indisexposeble incomes and henry joins us now. 2013, what does pressure on the price of oil mean? >> downward, i think. i think what we see is some significant nonopec finds. we see falling u.s. demand, rising supply. we see miles driven. there's technology at play. probably the biggest thing that could happen to the auto industry and we can come on to that. that's only a few years out. the message from the futures market that we're get sg oil should be some $10 to $15 lower. if we were to get $10 off the oil price, it broadly equate toes about 1% gdp surprising the western world. it's that time of year where we're pending our thoughts to next year. tangible, economic prices to next year. it will be oil related, a chance, good job with raising the tax threshold in the uk. that means for the first year in five. uk link will be up, not down. and them i also think thattory thing our chancellor did a good job of was she raised taxes by 10 so companies can invest a 215 pounds, not just 200 pounds. >> that's a leverage the other governments have been t
next month. >> luca, stay with us. we want to bring you major news out of neighboring korea. south korea has chosen its first ever female president. cheri kay has all the news. how significant is the election of miss park? >> well, i mean, she's really made history, set to become south korea's first woman president. it was a very tight race, a very polarized election with park winning 51.5% of the votes. but in the end, south korea made a choice that means more hope of economic recovery. scenes of joy as the v in south korea's presidential poll. >> this election is your victory. this is a victory brought by the people's hope for overcoming crisis and economic recovery 37. >> the daughter of a former military leader will take office next year as the country's first female president, challenging syria types in a country traditionally ruled by men in suits. she will be tasked with getting the slowing economy back on track at a time when growth rates have risen to a meager 2% now. but she will need to do it in a way that appeases young voters who are calling for more balanced income di
in the u.s. which seems to be stabilizing, looking this also at the housing market. so business sentiment better than expected. it is rising. the current conditions a little weaker than expected. add to that the financial analyst numbers we had as of late, also better than expected. not too bad. >> patricia, we'll see you again next hour. thank you very much for following all the latest there. >> sure. >>> now, shares in ubs have edged up in early trade after the bank announced a major settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. with more we'll look at the story with carolyn roth with us on set. i guess we're expecting a settlement, expecting something big. what have we learned today? >> well, first of all, i mean, the market reaction -- ubs up by 1%, can you believe that? what barclays was hit with $450 million fine, i mean, we saw a big hit in barclays' share price. this fine is three time the amount that barclays was fined. $1.5 billion or $1.4 billion swiss>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss reg
and for companies. there's a lot of money on the table to be used to create the kind of dynamic social safety net. the problem is we've sort of let it stay off the table in term of revenue and we can afford to provide the sort of optimal sort of career labor exchange through the government. >> that's right. and to your point, you've used the word flexible. let's take a look at who this flexibility works for. it works well for the employers, for the companies. but the rise of contingent labor, the rise of long-term unemployment and collapse of the local labor market have created incredible problems for workers. that flexibility has not worked for workers. >> there are problems that workers are experiencing that probably due to globalization and other things, it's causing a bad scene for workers in general. but these developments aren't necessarily making it worse. they are just going along with the badness there. like, for example -- >> i don't know about that. there are 64,000 workers in georgia who are going into christmas just having been kicked out of earned unemployment benefits. why? because
:00 p.m., first responders benefited on long beach island. make sure you join us on monday. "squawk on the street" is next. >>> good friday morning. welcome to "squawk on the street." live at the nyse. a blowout session in shanghai overnight. best single day gain in more than three years on a pretty decent pmi. europe has also been a blend of red and green as the ft names ecb chief the person of the year. we're going to kick off with breaking news. for that would, we go to david faber. >> news on best buy, in the news yesterday. the stock up sharply. what we can tell you right now is the board of directors of best buy, and its founder, richard schultz, has been trying to put together a group to essentially buy the company in a go private transaction, have extended the deadline in which he would need to come with a bid for best buy and created a window in fact that will begin on february 1st next year and end with the end of that month on february the 28th. giving schultz the opportunity to look at not just christmas sales, but the end of their fiscal year, which will end at best buy
statement to parliament today. will be out in westminster soon. steve is out to give us more detailed analysis of what to expect. let's just go back to the eurozone. as you say, thin advances here. are we capping -- it's up against the yen as well. there's obviously been a big yen story. >> yeah, i think the euro/yen has had perhaps more to do with eu euro/dollar than anything else. the euro crosses in general have been story rather than euro/dollar and euro/yen at the forefront. i think the euro/yen forecast is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the newspapers, you feel like what else can he say? it's not going to be a day where you'll buy sterling aggressively because most of the news is going to be bad. we're going to have lower growth. potentially
guest host, contributor dan greenhouse, a chief global strategist with btig. he's going to be with us throughout the program. and merry christmas. and -- >> same you to, as well, sir. and other holiday greetings. >> we don't pay you a lot for cnbc contributor, do we -- did we order you to be here? >> i'm contracturally obligated to not specify anything. >> not specify anything? here at 5:30 and all the way to 9:00. >> i knew that there would be trouble this morning. i got myself seated -- >> good. we'll squeeze you for everything you're worth. we needed a big name. >> big name. we got one. >> it day after -- for december 26. >> you're too kind. >> then here you are. >> here he is. >> what did you get? anything good? >> i have -- >> switch, lump of coal? >> he's a hanukkah guy. >> a lump of coal -- yes, but a lump of coal at some point probably worth something. tet rate we're going. >> that's right. you're -- no tree? >> i want a tree, my wife says they're too messy. >> the trees are messy. >> the needs needles -- >> you have the festivus pole. >> grievances -- >> you better go, sorry.
losses this almost four years. u.s. equity futures, though, not too bad so far today. indicated up about 15 points. today is thursday, december 6th, penultimate day before the day of infamy. "squawk box" begins right now. >> welcome to "squawk box." i'm becky quick along with joe kernen. andrew ross sorkin is on vacation this week. onset with us is drew mattis. welcome. thanks for getting up early. >> i'm always up at this time. >> we'll be going through secretary geithner's comments, but first let's get you up to speed on other stories. joe was talking about apple. it has been a rough ten weeks for the most valuable u.s. company. shares tumbling more than 6% yesterday shedding $35 billion of market value. among the reasons cited by analysts, a forecast by an influential research firm suggesting that the iphone and ipad maker is continuing to give up ground it rival the android gadgets. there were also unconfirmed reports that at least one major stock clearing house was raising margin requirements. and then there's the fiscal cliff. analysts citing fears about a hike in capital gains tax
the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about 1%. blame politicians in the u.s. and blame heavyweight samsung. this accounts for some 20% of market value on the kospi index. down 4%. that hurt the broader markets. this is, of course, because eu regulators are p
for us? >> well, on the fiscal cliff, i wish it were different, but it certainly is beginning to shape up like, in the end, the democrats will be able to step back and say we raised taxes on rich people and the republicans will take credit for cutting programs. and it looks like it will go into january, unfortunately. the market doesn't seem to care. >> all the big deal, boehner and obama tried to do last year, still have to do that, simpson boles-type thing. >> by what the secretary of the treasury said yesterday. >> right. >> thank you for being here. >> bromance. a lot of fun. make sure you join us tomorrow. "squawk on the street" begins right now. >>> good thursday morning, welcome to "squawk on the street" live from the new york stock exchange, i'm carl kin ten nia with melissa lee, cramer and neighborer are off today but we are joined by dennis. good morning to you dennis, thanks for coming in. futures today, a lot to deal with as you probably know. the fiscal cliff headline watch continues. you just heard john kanas say the market not too concerned. futures up 21 points. decent dat
the cliff. he will join us in a moment. american banks on guard for a new round of cyberattacks. your money could be at risk. we will talk to one cybersecurity expert who helps banks, stock exchanges or more protect themselves from attack. lori: a blockbuster deal for the intercontinental exchange, taking over the 200-year-old wall street institution in an $8 billion deal. charlie gasparino has new details. let's get updated on the markets, stocks belong. as we do every 15 minutes, we will check with nicole petallides. nicole: stock market bumping along not far off of the unchanged line so the dow industrials are up nine points worth a gain of 0.1%, the tech heavy nasdaq is one of a three with the down arrow and sweeping out a game today. we are continuing to follow nyse very closely on the heels of the deal that charlie gasparino noticed yesterday and it did come to fruition this morning, duncan neiderauer was here with the ceo of the eyes, intercontinental exchange. they were chatting about the deal that has come to fruition, $8.2 billion deal, premium, a lot of folks are happy about a me
.3 earthquake strikes japan's northeast coast. tsunami warnings have been issued. job growth in the u.s. are expected to have slowed significantly in november as hurricane sandy battered the economy. and euro hits a session low, 0.4% as problems in europe's periphery continue to weigh. a powerful 7.3 magnitude earthquake has struck across japan's northeastern coast. the quake rocked buildings as far as tokyo according to reports. u.s. geological survey said there was no threat in the wider pacific ocean. the yen has been rising to a session high before we got details of that. and right now, you can see dollar-yen at 82.39. 82.17 before that happened. some safe haven in-flows into japanese currency. if there was going to be a wave in terms of tsunami that was going to hit, it would have happened around five, six minutes ago and she had yet to see any specific drop or change in the sea level. so we'll hope that that continues on that particular way. atomic power says no irregularities seen at its nuclear plant. operations are normal after the quake. so we'll keep our eyes on that. and we'
for the fallout. tampa mayor tells us what the fiscal cliff means for his city. lori: all talking and no advancement towards a deal. frustrating. on and on and on those politicians go. we will bring you an update. tom corbett saying going over that cliff would be "absolutely frightening for the keystone state." he will join us later. melissa: president obama has been named person of the year. go figure. [talking over each other] lori: was i on the list for rock. melissa: on top. lori: let's get you updated on the markets. lauren simonetti is covering stocks for us today. >> we go break a two-day winning streak. for the s&p, it has been the best two days in more than a month. we are still a little bit more positive. traders kind of sitting on their hands digesting what we have recently had. if you look at, i say risk on because the sectors that are doing well today are once again energy and thanks. utilities not putting in a good performance today. gm shares are up tremendously right now. they took out their highest level in 19 month old little bit earlier today. this on news that
with us. >> thank you for having me. >> that does it for us today. join us tomorrow. right now it's time for "squawk on the street." >> good tuesday morning. i'm carl with melissa lee, david faber, live from the new york stock exchange. jim cramer is on assignment today. well, are we getting close to a fiscal cliff deal or not. futures are up and the dow gained 100 yesterday. but there is room for skepticism. europe's grappling with the same question helped by some decent uk inflation data today. and a t-bill auction in spain. our road map begins with what appear to be significant progress in the debt negotiations overnight. a whose proposal looking to raise rates for those making more than $400,000 a year. but senator corker on squawk just poured a bucket of ice water on those hopes. >> whitney boosts her recommendations on citi, bank of america and discover financial. is that move by one of the more famous financial bears, a sign of a new era for banks? >> walmart is once again the target of a "new york times" investigation. but does the paper add anything new and can the stock outperf
, a u.s. investigation finds more evidence about how walmart used payoffs allegedly in mexico to advance its gold down there. it's tuesday, december 18th, 2012. "squawk box" begins right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. our guest host this hour is julia sed. fiscal cliff negotiations, our top story. now president obama is proposing leaving lower tax rates in place for everyone except those earning $400,000 and above. that's above the $250,000 threshold that the president has been demanding for months, but it is still far from speaker john boehner's request of $1 million. a source familiar with the talk says this is by no means the final offer for the white house. the move by the president was welcomed, albeit with some reservations. we will talk about the latest developments in just a few minutes. in the meantime, the global markets seem to be taking note of the optimism. you can see right now that those dow futures are up by 54 points. this comes after a decent rally for the markets yeste
the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booked profit. property developments seemed to have legs. the hang sent also ended marginally in the red. hsbc came under pressure after reports say it may pay a $1.8 billion fine over the money dering scandal. in australia, strong jobs data failed to boost the market. the asx 200 finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. whic
, that will go up to 4.7 trillion. whatever happens to this deal will not do anything to get us closer to balance the budget or cutting spending. there are no politics organize around it. democrats think we can borrow money at these rates forever and there is no worry about that, and they will be right until the moment they are wrong and if they are wrong, this countries in a world of trouble. melissa: we're looking at raising taxes on the wealthy, still at the same time that is the issue at the forefront it seems it has to be settled first to get any further. do you think they will settle in the middle on families that make more than 400,000, a lot of people think that will be the point in the middle that we end it, what do you think? >> both sides right now according to today and yesterday are circling around each other at pretty close levels, it looks like we're heading towards an agreement. i think it will be somewhere there. republicans will have to take a real take on increasing taxes on the wealthy because perversely because they held the line on taxes for only so long instead of talking a
of that will be on hold obviously until they figure out what's going on. >> keep us posted for certain. we expect the best. back in 1998 she call it a blood clot and called it one of the scariest mediciedical experienc her life. >> if you had one before, you are at higher risk, and if you travel a lot, the blood flow may be compressed, benning your legs like that, and with the concussion, one of the things she was told was to rest. not easy for her to do, i can tell you for a fact. that may be part of the inactivity. >> and we don't know what the cause is. back in 1998, it was deep vain thrombosis. >> dvt, a clot in one of the leg veins, in and of itself, not a problem, but it can break off and go to the lungs, called a pulmonary embolism, she is on blood thinners, and you treat the brain clot. this is within one of the blood vessels in her legs. they haven't told us. >> what do they do about this? once you have had an episode of dvt, what's the treatment? >> blood thinners, you want to tip the balance a little bit so you are more likely to break up the clot. the downside, rumor likely to bleed if you inj
the rest from there. the lady goes on to say it's a quid pro quo give us the monny because we voted for you. the question, will the president offer any hint of a bailout, bailout help for deeroit today. will he address union anger at michigan's right to work legislation? this goes to the heart of government spending and the position of organized labor in president obama's second term. we're right there in michigan. let's go to facebook. weigh in on what's happening there. will detroit get a bailout and what do you think about the unions? will they win? good questions all. now, one of the worst blowouts in nfl history. seattle seahawks beat arizona cardinals 58-0. the cardinals threw four interceptions fumbled four times and gained 154 yards and seattle undefeated at home and then there's this. the new york giants scored only 52 points in the win over the new orleans saints. the star was the rookie and he returned the kick off for touchdown and all purpose yards and kept the giants in the lead. and major result for the economy. people having fewer babies, blaming the economy and one woman wh
. >>> it took us three months to establish trust. these guys don't trust each other. they don't even trust each other in their own party. you've got leaders who, people behind them with a shif hoping they can get their job the next go 'round. poor old durbin has people over his back because he voted for this package. and the republicans, boehner's got to go to work and come back, and now there's 70 of them left, the tea party guys. these are guys who went to congress not to limit government but to stop it. so what are you going to do? we've got five democrats, five republicans who range from dick durbin of illinois, great progressive democrat, and coburn of oklahoma, a progressive conservative, and five dems, five republicans, one independent, that's a super majority. and for god's sake, the reason we were so successful is we effectively pissed off everybody in america. >> congratulations, sir. kudos. kudos to you. >> good morning. it's thursday, december 6th. welcome to "morning joe." with us on set, msnbc political analyst, former democratic congressman, harold ford jr. >> mr. professor. >> g
say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, shares seem to be fwllat. bundesbank announced it had cut its growth outlook for the country. in the u.s., the nasdaq snapped its losing streak yesterday with its first gain in five days. the dow was on pace for
tells us. the bomb squad had to be called in when officers caught up to the juveniles. (shots) >> that was the walnut creek bomb squad detonating a bomb early saturday morning. rendering the device after finding it in a car trunk at sot - we got a call of an explosion on christine court destroyed by an explosive device. this is the mailbox police are talking about--- now shredded to pieces. it all started when neighbors heard a huge blast on this normally quiet block >> i knew it was something serious, not just fireworks. it was an explosion because of the shaking and everything, but i told the kids get on the ground and then i called 911. >> the roar of the pipe bomb explosion left residents numb. >> my right ear was towards the window and it deafened it for a while, then after about an hour the ringing started. >> witnesses saw a red s-u-v flee the area after the eruption. police found the vehicle at college park high not too long after. the second bomb was in the trunk, and 3 teens were >> this was a significant pipe bomb, so all the damage you'd expect, the mailbox was com
with. all right. >> we want to thank john harwood for joining us for the hour. we also want to thank tony and jared for being with us through this whole hour. >> and sitting through that. >> happy new year to everybody. and we should point out, look, fiscal cliff, market says, what, me worry at this point? >> i wonder what really did happen. did you get anything -- >> i think it was tony and i. >> not since we last talked. >> you guys get along well. as long as you're a steeler fan, you get along. it was great. thanks, guys. we've got to go. >> can you see this? we're giving out the fiscal cliff bars today. >> bye, everybody. happy new year, joe. right now, time for "squawk on the street." ♪ >> one final trading session for 2012. and it comes, of course, with the add eed drama of a fiscal cliff set to take place 15 hours from now. i'm carl, with melissa lee. cramer and faber are off today. good morning to you, dan. >> good morning. >> the house gaveling into session just a few moments ago. business there is going to start at 10:00 a.m. eastern time. futures are showing some resilie
cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in the house that he will sign if -- that's in the senate -- >> the senate. >> the senate that he will sign if the house passes it is what? >> that is $. >> -- that is 250? >> 250? >> he said 400. he said, i have the pen, let's keep tax rates where they are for everyone at 250 and below. so this one, that's c these guys are pretty clever because that would keep rates where they are for everyone at a million and below. no middle-class taxpayers up to a million dollars -- >> that's no matter what, isn't it, in either bill? >>yon r -- i think it would be the same in either one. that's not -- what reid and i guess pelosi, you saw that, said she opposes the million-dollar thing. a lot of people if back on what they say. the difference would be that one is 250 and below, and
in vinegar and. we may as well have tomorrow's conversation today. >> it seems as if this helps us understand what is going on. i will bring a new perspective to the fullest fiscal cliff. connell: please. >> what the democrats have been trying to do is get the republicans to agree to raising the rates on [people. if they were to do that, it would at this rate the republican brand which is the do not raise tax rates. connell: they do not care what the level is? >> right. that is what republicans want to run on. if they agree on increases around $20,250,000, then the democrats could say you are not any different than us. what they are trying to do with the million dollar limit is basically take that problem off the table. i think he is actually succeeding with that which is what it would be very hard to agree with that million dollar figure. it will not go very far. the other side of it is the spending in this the questioner. this is the it part of the fiscal cliff. connell: if you look at interest rates, today we bring up the ten year yield, the real movement on this, the real solution to the
. >>> and bracing for draco. the named winter storm is moving across the u.s., slamming a dozen states already and threatening to disrupt holiday travel in many, many more. it's thursday, december 20th. we've got one day left. enjoy. and "squawk box" begins right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. andrew, welcome back. i hope you're feeling better. >> thank you. i had a little bit of a stomach bug. >> we're all a little sick around the table here. >> i know. it's a little -- i feel like weak, you know when your bones feel a little something? you had that, joe, two weeks ago, right? >> exactly what you had. you didn't -- you remember -- i remember bridesmaids, right? i'm not sure what all that came out of. i had both going. you didn't have both going? you are the just -- you were hurling. >> i was, i was. in the middle of the night. i had to send an e-mail to the producers. >> it's very weird. it's not even a 24-hour thing. >> no, i will say it was going by when the show was still going on. >> we h
appreciate it very much. join us on wednesday. happy holidays. "squawk on the street" starts right now. >> can't wait to see what jason got us here. welcome to "squawk on the street" on this final trading day before christmas. i'm carl, with melissa lee, david faber at the nyse. the new york stock exchange and nasdaq closing at 1:00 p.m. eastern time. the futures, a little bit of weakness here which we'll talk about in a minute, after it comes after a pretty bad day on friday. the european markets closed for the christmas eve holidays. london, paris, spain have each completed shortened sessions in light of the christmas holiday as well. the friday sell-off, only five trading days are left in the year. is the market getting used to the idea that a fiscal cliff solution will not happen before year end? >> only a few hours remain to finish your christmas shopping. but some words of caution for toymakers. are tablets and apps ruining the season as kids get more accustomed to technology? >> microsoft windows 8 gets more bad press today, as "the new york times" said it is not leading to a bo
's take a look at the u.s. futures set up for the open first of the week. dow looking at about 50 points right after the open. as for the action in europe, taking its cues from the united states. we'll see a big rally in china extending one of its biggest rallies in three years. we have a mixed bag in europe with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes,
the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. >>> hi, everybody. happy monday to you. welcome to the "closing bell." i'm maria bartiromo. >> i'm bill griffith. who'd have thunk it? stocks gaining today on a proposal about a tax increase. markets in the green kicking off the week with hopes speaker john boehner is floating higher tax on people with incomes over $1 million. we're wondering if this will be a beginning of a kick start for a deal finally. >> certainly feels like the market feels that way. compares to the $250,000 threshold which originally the president had been sticking to. take a look. even though it is off of the best levels which happened at about 1:00 p.m. eastern today. on the s&p still higher by 11 points. >> the markets watching washington and shuttling back and forth between the white house and the capitol. eamon javers has the latest. >> it looks like at this point the senate is going to have to come back on december 26th to take up among other pieces of legislation the fiscal cliff so
? that's because almost every one of us is facing a major tax hike in our 2013 pay economics if congress does not reach the agreement on the fiscal cliff. right now there are still negotiations that are going on. they are being led by the vice president, vice president biden and senator minority leader mitch mcconnell. sources say that they are making some progress, but even if a deal is reached, no guarantee it's going to pass. listen to what one democratic senator, tom harkin, said on on the senate floor just earlier this morning. >> if we're going to have some kind of a deal, the deal must be one that really does favor the middle class, the real middle class, those making 30, 50, 60, $7,000 a year. that's the real middle class in america. as i see this thing developing, quite frankly as i've said before no deal is better than a bad deal, and this looks like a very bad deal the way it's shaping up. >> we want to bring in dana bash on capitol hill. when you think about it, both sides are not happy with what's taking place, at least what they're talking about. i know you have some new in
recoveries in u.s. history. it helps when you can go straight back and doing what you were doing. stuart: if only we had done in 2009 what ronald reagan did in 1982, but i'm out of time. you know i'm out of time, now that. >> which is set the highest rate at 50%? >> no. >> that's what it was. stuart: it stimulates the private sector, not all government all the time. that's the story. aw austan, i'm sorry, i really am out of time. thank you, sir. more "varney & company" in a moment. >> a strong earthquake hit the coast of japan in the same region where the fukushima plant was devastated last year. no tsunami waves this time around. 7.3 magnitude quake and shook buildings more than 200 miles away in tokoyo, a tsunami warning has now been called off. we've been reporting this for months here on "varney & company." gun sales, they are absolutely booming. and now, smith & wesson, the gun people, they made a profit and they raised their outlook and the stock is going to be up come that opening bell. charles,you're buying gun stocks? >> i've got to it will you, i wanted to feature this on maki
out later. as proof, they argue congress and the president are already using disasters and war spending as loopholes to avoid making tough cuts. >> they are doing that on the one side, then proposing additional stimulus spending on the other side, and then claiming that sometime next year they'll come up with some savings. that's a very troubling formula to me. >> reporter: if a grand bargain doesn't come together in the next few days, we may fall off the fiscal cliff and then wait for a new congress to put the pieces back together in the new year. darren gersh, "n.b.r.," washingt. >> susie: well, roger altman is confident democrats and republicans will strike a deal and avoid falling off the fiscal cliff. he was deputy treasury secretary in the clinton administration and is now executive chairman and founder of evercore partners. >> susie: roger, so great to have you back on "nightly business report." >> thank you, susie. >> susie: nice to see you. why are you so optmistic there is going to be a fiscal cliff deal? >> i would cite two broad reasons, and then a few reasons speci
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